Gensol Engineering Bags Rs 40 Cr Rooftop Solar Order From Textile Company

A major textile company has awarded Gensol Engineering Limited, a pioneer in the renewable energy space with expertise in solar engineering, procurement, and construction (EPC) and electric mobility solutions, a Letter of Award (LOA) for the implementation of a 16 MWp turnkey EPC rooftop solar project valued at Rs. 40 Crore under the commercial and industrial (C&I) segment. This is Gensol's second order, and it will be placed in Madhya Pradesh. The project will be put into operation in six months.

High-efficiency Bi-facial solar modules will be used in the project; these modules were carefully selected to optimise energy production and guarantee long-term durability. This innovative approach greatly advances the growth of strong green energy infrastructure and is ideally matched with India's lofty goals for renewable energy.

Shilpa Urhekar, Chief Executive Officer, Solar EPC (India), Gensol Engineering Ltd. said, "The repeat order from the leading textile company is a testament to Gensol's ability to execute complex projects at scale in a seamless manner within stipulated timelines. When completed, this project will be amongst the biggest rooftop solar projects in India utilizing a large rooftop area."

Gensol will guarantee the best possible accumulation and utilisation of solar energy by utilising its professional design and execution capabilities. This will assist the customer in making their industrial processes more environmentally friendly and accountable.

Together, Gensol Engineering Limited and Matrix Gas and Renewables Limited recently acquired a total capacity of 300 MW. This includes the 63 MW that was previously granted in the first tranche of the SECI bidding, which translates to a cumulative incentive under the PLI program of Rs. 450 Crore.

For the quarter that ended in June 2024, the firm claimed a two-fold increase in standalone profit after tax (PAT), amounting to Rs 32.5 crore. According to the company, during the April-June quarter of the previous fiscal year, 2023-24, it declared a PAT of Rs 12.3 crore. Revenues for the firm increased to Rs 275 crore from Rs 147 crore in the same period last year. In order to increase our total profitability, Gensol is growing its footprint in both existing and emerging markets, such as solar, battery energy storage systems (BESS), and electric vehicle leasing.

Gensol Engineering Limited, a prominent participant in the renewable energy market, was founded in 2012 and specialises in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services. Over 500 experienced and varied experts work at Gensol in the fields of solar (Gensol Solar EPC (India & Middle East) and Scorpius Trackers), EV manufacturing (Gensol EV), and EV leasing (Let'sEV). Counted among the top 5 independent EPC players and among the top 10 EPC players in India, Gensol Solar EPC has completed over 770 MW of different solar projects, including rooftop, ground mount, and floating solar installations in nearly all of the country's states.